Romanoff goes all in, sells house and loans campaign $325,000

[ccharles000]

Andrew Romanoff has officially gone all-in for his U.S. Senate campaign, selling his Washington Park house and loaning the effort $325,000.

Romanoff, the former Democratic speaker of the House in Colorado, sold the bungalow to a neighborhood developer. He’ll put the proceeds and cash from savings into his bid to unseat Sen. Michael Bennet in the Aug. 10 primary, a bid severely lagging Bennet’s $7.5 million fundraising total.
While political observers said they considered the loan a desperate move in an underfunded campaign, Romanoff described the move with the mixture of defiance and humor that has marked his underdog effort.

“I’m never home anyway,” said Romanoff, who has lived in Washington Park since the late 1990s. “Plenty of Americans are taking a lot bigger hit than me. I spend a lot of hours asking other people to do the same.”

Romanoff also couldn’t help using the opportunity for new digs at Bennet, who has received most of the party endorsements and more than $1.3 million in cash from PACs. Romanoff has sworn off all PAC money for his current campaign.

http://blogs.denverpost.com/thespot/2010/07/26/romanoff-goes-all-in-sells-house-and-loans-campaign-325000/12440/

[paulk]

1. I wonder what his internal polls are showing

that he's willing to go this far...

I wonder when the story about Bennet's past as a corporate raider are going to break in the mainstream press?


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http://www.thecherrycreeknews.com/news-mainmenu-2/1-latest/5696-bennet-made-fortune-in-corporate-raid-michael-bennet.html


"The story is like a real-life version of the movie Wall Street, without the redemptive ending.

A young Bud Fox leaves Washington for Colorado, lands a job with Gordon Gekko, tycoon and corporate raider. Only in this case, young Bud is future United States Senator Michael Bennet, and Gekko, billionaire Phil Anschutz.

The job leaves Bennet wealthy, and allows him to take a giant pay cut and work for Denver Mayor John Hickenlooper, then the Denver Public Schools. It gives him financial experience, which in turn leads to a complicated interest rate swap that may leave Denver taxpayers in a billion dollar hole, as the fund for Denver teachers’ retirement looks in need of an AIG-style bailout.

Ironically, the details of the source of Bennet’s wealth are revealed largely in a lawsuit by Louisiana teachers, whose investment in theater chain Regal Cinemas went south after Bennet and Anshutz gained control of the company through the purchase of debt, forced other debtors and shareholder into taking losses, then sped off with $1.4 billion in cash, while jobs were lost."


His mismanagement of the Denver's Teacher Retirement fund is another story waiting to break in the mainstream press -


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http://www.squarestate.net/diary/606/there-is-a-clear-choice-on-education-in-the-co-senate-primary


"Bennet was hired as Superintendent for his financial expertise. It has now been revealed that Superintendent Bennet convinced the Denver Public School Board to invest their retirement funds into a Derivative Swap with JP Morgan - the same type of swap that are now coming under scrutiny by the Senate and House banking bill.

A call for transparency on a financial deal done by then Denver Public School Superintendent Michael Bennet has roiled political waters. School Board members, including Cherry Creek-area school board member Jeannie Kaplan, have asked for an accounting of a deal centered upon a "synthetic" interest rate swap, which has cost DPS millions. The deal, which involved mortgaging schools for an yet unrealized interest savings, has given Wall Street banks and shadowy Belgian firm Dexia (NASDAQ:DEXB) millions in taxpayer dollars. Dexia, a player in the Madoff scandal, was insolvent last year, and had to be bailed out, partially by American taxpayers...
DPS appears to already have been in a position to lose money. In fact, in its very first month, taxpayers lost $1.5 million alone, excluding fees. The deal, which is keyed to the interest rate banks charge one another, is pegged far outside of the long-term rate average, almost guaranteeing that DPS would lose money. DEAN (Denver Education Advocacy Network) has estimated the deal has lost $51 million to date, although no actual accounting has been provided to the public or school board members. Recent testimony at the statehouse on the state pension fund concluded that the deal was $78 million underwater, and created risk for the state."


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I wonder when the Denver Post and Dean Singleton are going to cover this story?

After the primary, when they endorse whatever whackjob the Republicans put up (after endorsing Bennet in the primary)?

[curlyred]

3. The first I heard of this was yesterday

on Mario's show on AM760. I too would like to know when the Post will be covering this....shown up by little Cherry Creek News. And you are spot on about their endorsement of whatever republican runs.

[tridim]

2. I just drove by his campaign headquarters today. It was a rockin'

Lots of people and activity there.

[donco6]

4. I said I wouldn't do it again, but I'm giving him more money.

I respect that kind of commitment. Plus I'd hate to see Bennet get it - typical DINO in waiting.